Success is not a single day’s journey. It takes years of hard work and dedication to establish a company and to spearhead it to the glorious heights of success. Only dedicated leaders with the hunger to grow and learn more can accomplish this goal. These leaders are confident and innovative and are ready to take on indomitable odds to achieve their dreams.
One such prominent leader, who has established himself as a brilliant entrepreneur is none other than Mr. Mustafa O Vazayil, the Founder and Managing Director of Gargash Insurance. Even though he established the business in 1994, his journey as a professional business leader had begun much earlier. Even when one is an employee take the ownership of the job and consider that as you own it. This is the mantra Mr. Vazayil followed right from his first job.
“Developing the team and treating the customer as the king is always the winning formula”
An Accomplished Visionary
Throughout his illustrious career, Mr. Vazayil has been associated with various multinational companies. He has received a fellowship from the Chartered Insurance Institute, London, and possesses over 35 years of experience in management positions with leading global insurance companies. Ranked 53rd by Forbes Middle East among top 100 Indian business leaders in the UAE, he is often hailed for his strategic thinking.
Mr. Vazayil has served as the Secretary General of the Insurance Business Group of the Dubai Chamber of Commerce. He was also a Board Member of the Federal Body of Insurers, Emirates Insurance Association. He has also been a member of the Board of Overseas Indians Economic Forum, he served the Programme Advisory Committee of the Higher Colleges of Technology, Dubai on Banking and Financial Services for three terms. He was also a member of the Emiratization program of the High Colleges of Technology, Dubai.
A Dedicated Humanitarian
Mr. Vazayil, a socially committed philanthropist, is the Chairman of Asraya Charitable Society, Malabar and this society has recently opened a palliative care and hospice centre with 60 beds. The centre looks after patients who are from economically marginalized sections of the society. All the services of Asraya Charitable Society are free of cost, and it is driven by the motto – “Every human being has a right to dignified life and death”.
He has been nominated by the Government of Kerala to the Board of NORKA Roots, an agency of the State Government, looking after the interests of Keralite Diasporas globally.
The Government of Kerala has also appointed Mr. Vazayil as the Vice Chairman of Overseas Keralites Investments Ltd, a body formed to facilitate investments of NRI’s in various projects in Kerala. OKIH is chaired by the honorable Chief Minister of Kerala.
An Inspirational Leader
The self-motivated managing director of Gargash Insurance, Mr. Vazayil believes in achieving excellence through innovation and dedication. With a team of professional managers and support staff, he overcomes day-to-day challenges and marches towards successfully achieving his objectives. A true leader at heart, he is committed to developing his team and helping them realize their full potential.
Mr. Vazayil states, “In our industry we work with hundreds of thousands of client’s assets, their risk exposures, and continuity of their business. My job as a leader is to ensure that this principle is enshrined in the organization’s culture and clients get the best service and protection”. He believes that developing and empowering the team and treating the customer as a king is always a winning formula.
Conquering Challenges Courageously
The business leader believes everyone faces various personal and professional challenges every day. When one establishes a business, they will face numerous challenges. Mr. Vazayil states that a good business leader must not only anticipate such obstacles and challenges but also proactively determine alternative solutions to address them. He believes that focusing on customer protection and after-sales services is a challenge, especially with the rising customer expectations. What enables an organization to thrive in this highly competitive market is the proactiveness of leaders and their teams to exceed customer expectation and deliver excellent services.
Going Face-to-Face with the Pandemic
Prior to the pandemic, Gargash Insurance was restructured in view of its next 5-year strategic plan. This endeavor has supported the organization to meet the challenges and further strengthen its position as the UAE’s leading insurance intermediary.
Mr. Vazayil states that with the onset of the pandemic, just like all other businesses, Gargash Insurance also had to readjust itself to the new ecosystem. He is satisfied by the fact that the company’s IT platforms were ready to adapt and allow seamless work from home facilities. He states, “Our team was also very committed to this. Overall, I will give our organization a grade of 8.5 out of 10 in managing the pandemic and growing our business.”
Words of Advice for the Young Leaders of Tomorrow
The successful business leader advises emerging entrepreneurs to carefully evaluate their business proposition and be confident before taking the big jump. Mr. Vazayil states that young entrepreneurs often get inspired by the achievements of others. However, they overlook the fact that for the 10 success stories they hear, there are more than hundred failures.
According to Mr. Mustafa, it is very important to have a road map, a proper business plan with financial projections. Often projections become optimistic, however, he recommends a realistic projection further reduced by 10-15%. He believes cash flow and fund requirements to sustain the business in the early stages are very critical.
He states, “Many businesses fail not for want of ideas or products – but as a result of poor financial planning.”
Marching Ahead
Mr. Vazayil believes that Gargash Insurance has established itself in the market and will grow along with the economy. The organization is always on the lookout for opportunities to expand. He concludes by saying, “Organic growth has its limitations. So, when the right opportunity comes up, we will be ready to acquire”.
